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Proteome Sciences Eyes $8.3M Raise

NEW YORK (GenomeWeb News) – Proteome Sciences today announced a conditional placement of nearly 17.9 million new ordinary shares in order to raise £5 million ($8.3 million).

The UK-based firm said it has conditionally placed the shares of ₤.01 each to raise the funds with new and existing investors at ₤.28 per share. Proteome Sciences Chief Executive Christopher Pearce has subscribed for about 3.6 million shares at the placing price, and following the transaction he will hold 35.1 million, or a little more than 16 percent, of the firm's enlarged share capital.

The company expects the new ordinary shares will begin trading on or about Feb. 28, it said. Proteome Sciences' shares trade on the AIM submarket of the London Stock Exchange.